LEASH v2 Migration Confirmed by Shiba Inu Development Team

Following weeks of anticipation and delays, the Shiba Inu development team has officially announced that the eagerly awaited transition from LEASH v1 to LEASH v2 is set to begin. The postponement was necessary to address issues in the original LEASH token contract and complete a comprehensive security audit. With these obstacles now overcome, the development team has indicated that the migration to LEASH v2 will commence in the near future.

Migration Confirmation from Shiba Inu Team

A recent update from the Shiba Inu team revealed that Hexens has completed the security audit of the LEASH v2 contract and its migration mechanism, paving the way for the long-delayed implementation.

The team explained that they enlisted Hexens to conduct a thorough, independent examination of the entire system, encompassing the LEASH v2 token, the migrator, and all related processes. With Hexens’ approval of the audit, the migration is anticipated to begin shortly.

Hexens, a cybersecurity firm specializing in Web3, is renowned for its smart-contract and protocol audits. The company’s portfolio includes work across various blockchain networks, where its audits have safeguarded substantial on-chain assets.

As the migration process begins, the development team has cautioned LEASH v1 holders to exclusively use official links published on Shib.io and verified Shiba Inu social media channels to avoid potential scams. Once the migration window closes, any remaining LEASH v2 tokens in the multisig wallet will be destroyed to maintain a fixed supply cap.

Migration Process Overview

With all security measures now in place, the transition from LEASH v1 to LEASH v2 is expected to start in the coming days. The migration will be executed in carefully planned stages to ensure fairness for different types of token holders.

The initial phase will allow direct LEASH v1 holders, as well as those with staked or locked tokens, to migrate by burning or locking their v1 tokens in exchange for v2 equivalents. The exchange ratio will be based on the current v1 supply. This stage also includes liquidity providers on specific decentralized exchanges.

The second phase will address more complex liquidity positions, which require snapshots and proof-of-withdrawal mechanisms to prevent value from becoming inaccessible. The final phase will accommodate bridge users and those holding LEASH on the Shibarium network, offering a 1:1 exchange for these tokens.

The LEASH v1 contract was initially marketed as a token with a fixed supply. However, a hidden vulnerability allowed rebasing mechanisms to alter the supply through authorized proxies. This vulnerability was exploited earlier in the year, resulting in an unexpected 20% increase in the token supply.

To rebuild trust and protect token holders, the development team decided to create LEASH v2. According to the team, this upgrade eliminates any minting or rebasing loopholes, as the entire v2 supply is pre-minted and secured in a multi-signature wallet.

As of the latest market data, LEASH is trading at $24.94, experiencing a 3.22% decrease over the past 24 hours.

Please note: This information is provided for educational purposes only. Past performance should not be considered indicative of future results.